Payment Summaries

With Xero, this process becomes so easy, it’s just a click of a button! However, it is important not to forget the vital steps that should be taken before pressing the publish button!

As Kat has suggested in the video, there are a couple of reports that you want to run and cross-check to ensure the amounts are all correct!

Report number 1! Payroll Activity Summary. This can be found under all reports and then the payroll section.

Report number 2! General Ledger. This can be found under all reports and under the accounting section. A tip with this one – make sure you have YTD ticked!

You then want to compare the following balances:

Total earnings = total wages

Total super = total superannuation expense

Total Tax = total PAYGW

All matching? Perfect!

If not, it’s best to go through the process of elimination. We would suggest doing this per quarter first, to then try and cover off where the error is. You can then break it down to months to find the payrun that contains the error.

If you need further information, Xero have a great video that can be found at the following link, which will help guide you through the process - https://help.xero.com/au/PayrollEOFY

A couple of other sweet tax tips to check prior to June 30

Check your superannuation is up to date – you can check this via the superannuation tab in Xero – the only amounts that should be sitting here are amounts for the June quarter.

If not, you want to make payments ASAP

If yes, you can also make payments prior to 30 June to ensure you get the tax deduction in the current financial year!

Expense claims – if you use these in Xero, it is always good to make sure you have paid out any that have yet to be processed.

As always, if you need help with any of the above, the team at SMART are always just a phone call or e-mail away!

For more information, guidance and/or advice on this subject, or for a complimentary consultation to review your affairs please contact SMART Business Solutions on 0359 11 7000 or reception@smartbusinesssolutions.com.au

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